Withholding tax rules changed for interest on foreign-currency deposits

According to sources, banks must treat interest from individuals’ foreign-currency deposits under the updated income-tax withholding regime. This matters to relocating individuals who open an Argentine account and place foreign currency there, because the tax treatment of deposit interest changed from the publication date. The rule primarily affects account holders and new residents using the local financial system. It is worth checking when comparing bank products and estimating the net return on a deposit.